August 23, 2014
LAS VEGAS (AP) - The University of California San Diego Health System says it has approval to acquire the financially troubled Nevada Cancer Institute in Las Vegas.
The Monday announcement followed a Jan. 14 ruling by a federal bankruptcy court judge approving the sale.
Health system chief executive Dr. Tom McAfee characterizes the acquisition as an expansion into Nevada.
He says in a statement that Nevada patients will keep their current physicians, and could qualify for a wider range of clinical trials.
The nonprofit medical center filed for bankruptcy protection last month as part of a negotiated restructuring with lenders.
The Las Vegas Review-Journal reports the university will pay $18 million, but has pledges that institute fundraising will try to raise $20.8 million for the school over the next five years.
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